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Fisheries Legislation Amendment (New Governance Arrangements for the Australian Fisheries Management Authority and Other Matters) Act 2008
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Turn the raw legal text into a practical explanation grounded in Fisheries Legislation Amendment (New Governance Arrangements for the Australian Fisheries Management Authority and Other Matters) Act 2008.
141 Vesting of liabilities relating to assets held on trust
(1) This item applies to the liabilities of AFMA relating to assets to which item 140 of this Schedule applies.
(2) At the commencement time, the liabilities cease to be liabilities of AFMA relating to the assets and become liabilities of the Commonwealth relating to the assets, without any conveyance, transfer or assignment. The Commonwealth becomes AFMA’s successor in law in relation to those liabilities.